ConAgra Foods Inc, which operates across the food system from farm to table, moved a bit further from the farm and nearer the table in making the long-anticipated announcement that it plans to sell its cattle-feeding and meat-processing operations to a joint venture with all investor group. The company said it had reached all agreement "to transfer" its beef and pork groups to a partnership that will be led by Hicks, Muse, Tate & Furst Inc in which ConAgra will hold a 46 percent minority stake andHicks Muse, in association with other parties, will own 54pc. The transfer includes the ConAgra cattle-feeding operations, where the company is the second largest in the United States, and the ConAgra beef and pork processing operations, where it is thethird largest in both segments, according to the announcement and Cattle Buyers Weekly. The transfer also involves the company's Australian beef company, Australian Meat Holdings Pty Ltd, which is the country's largest meat processor, feedlot operator, and red meat valueadding business.
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